by Enoch Mwathwa
Starting Monday, Thailand will allow international visitors to convert cryptocurrency into Thai baht through a regulated system. The initiative, called TouristDigiPay, aims to support tourism amid reduced visitor arrivals, especially from China. Deputy Prime Minister Pichai Chunhavajira will unveil full program details alongside finance and tourism officials at a press conference. The new system emphasizes security and regulatory oversight to protect both tourists and the financial system.
TouristDigiPay Enables Crypto-to-Baht Spending for Tourists
Thailand’s Tourism Authority announced the launch of TouristDigiPay, a system that allows temporary foreign visitors to convert digital assets into baht through secure e-money channels. Its system runs in a regulatory sandbox and is controlled by the Thailand Securities and Futures Commission (SEC) and the Bank of Thailand. To make payments via QR code using the Wallet, tourists are obliged to open an account with a licensed digital asset provider and e-money provider.
Whereas the new system is only designed to serve visitors rather than the Thai residents or longer-term visa holders. It also contains the tight Know-Your-Customer (KYC) and anti-money laundering (AML) checks thereof the local regulators. The sandbox model does not allow direct payments by merchants using crypto; first, crypto must be exchanged for baht.
Spending Caps and Fraud Safeguards Put in Place
Tourists are subject to spending limits based on merchant type. Merchants with card terminals can receive up to 500,000 baht per tourist per month, while smaller vendors are capped at 50,000 baht. This tiered limit design is meant to prevent misuse and money laundering while enabling flexibility in spending.
High-risk business categories are excluded from the system to protect against financial crime. Withdrawing cash is also disallowed; the tourists cannot have access to the remaining funds until they close their account on the way out. To facilitate the use of QR codes, the Bank of Thailand developed the specialised app called “Tourist Wallet” that will allow customers to make payments with the use of QR codes, and updates in the future are likely to allow foreign-based payment cards.
Thailand Aims to Position Itself as Crypto-Friendly Tourist Hub
This will be a new venture as Thailand is looking for other ways to boost tourism income after a decline occasioned by fewer Chinese tourists. By giving a regulated means of spending cryptocurrency, Thailand is attempting to woo technology-savvy tourists and lead to a difference in the international tourism sector.
The program also illustrates the policy of embracing financial innovation, but with control exercised by Thailand in general. The SEC has just finished conducting public consultations on digital assets in tourism and economic development, which reflects the willingness of the government to incorporate control with advancement.
#blockchain #crypto, #decentralized, #distributed, #ledger
